2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理精选模拟习题10道，附答案解析，供您考前自测提升！

1、Which of the following statements is most accurate in describing total surpluswith respect to a product or service?【单选题】

A.Price minus marginal cost, summed over the quantity bought.

B.Marginal benefit minus price, summed over the quantity bought.

C.Marginal benefit minus marginal cost, summed over the quantity bought.

正确答案:C

答案解析:总剩余（total surplus）是消费者剩余（consumer surplus）加上生产者剩余（producer surplus），即将边际收益减去边际成本，在所有购买量上的加总。消费者剩余是边际收益减去价格，在所有购买量上的加总。生产者剩余是价格减去边际成本，在所有购买量上的加总。

2、The most likely initial (short-run) effect of demand-pull inflation is an increase in:【单选题】

A.employee wages.

B.finished good prices.

C.commodity prices.

正确答案:C

答案解析:The effect of demand-pull inflation is an increase in the aggregate demand, which, in turn, leads to an increase (initially) in commodity prices.
2014 CFA Level I
“Understanding Business Cycles,” by Michele Gambera, Milton Ezrati, and Bolong Cao
Sections 4.2.4–4.2.4.2

3、An analyst estimates that an initial investment of ￡500,000 in a venture capital project will pay ￡6 million at the end of five years if the project succeeds and that the probability the project survives to the end of the fifth year is 25 percent. The required rate of return for the project is 19 percent. The expected net present value of the venture capital investment is closest to:【单选题】

A.￡128,000.

B.￡1,125,000.

C.￡2,014,000.

正确答案:A

答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 216-218
Study Session 18-73-h
Calculate the net present value (NPV) of a venture capital project, given the project’s possible payoff and conditional failure probabilities.
The probability that the venture will pay 6 million at the end of five years is 25%. The probability of failure is 75%. The expected NPV if the project succeeds is 2,014,296 using FV = 6,000,000, I = 19%, n = 5 for a present value of 2,514,296 – 500,000 = 2,014,296.
The NPV of the project is 0.25(2,014,296) + 0.75(–500,000) = ￡128,574. The investment has a positive NPV and should be accepted.

4、An analyst does research about characteristics of market structures.Excess capacityin perfect competition is most likely:【单选题】

A.less than that in monopolistic competition.

B.equal to that in monopolistic competition.

C.greater than that in monopolistic competition.

正确答案:A

答案解析:垄断竞争市场中，企业的需求曲线是向下倾斜的，而且需求弹性较大。与完全竞争市场相比，垄断竞争市场中企业会提高价格并减少产量，从而造成剩余的产能，而完全竞争市场中企业会充分地利用资源，没有剩余的产能。

5、The following information is available for a firm:

The firm's degree of total leverage (DTL) is closest to:【单选题】

A.1.43.

B.2.86.

C.2.00.

正确答案:B

答案解析:DTL=Revenue-Variable cost/Net income=￡800,000-￡400,000/￡140,000=2.86.
CFA Level I
"Measures of Leverage, Pamela Peterson Drake, Raj Aggarwal, Cynthia Harrington, and AdamKobor
Section 3.5

6、A share repurchase method that requires existing shareholders to indicate the number of shares they will tender over a range of prices is most likely an example of a:【单选题】

A.Dutch auction.

B.repurchase by direct negotiation.

C.purchase of shares on the open market.

正确答案:A

答案解析:“Dividends and Share Repurchases: Basics,” George H. Troughton, CFA and Gregory Noronha, CFA
2011 Modular Level I, Vol. 4, pp. 138-141
Study Session 11-47-c
Compare and contrast share repurchase methods.
In a Dutch auction, the company stipulates a range of acceptable prices. Shareholders indicate how many shares they will tender at the various prices.

7、A trader determines that a stock price formed a pattern with a horizontal trendline that connects the high prices and a trendline with positive slope that connects the low prices. Given the pattern formed by the stock price, the trader will most likely:【单选题】

A.purchase the stock because the pattern indicates a bullish signal.

B.avoid trading the stock because the pattern indicates a sideways trend.

C.sell the stock because the pattern indicates a bearish signal.

正确答案:A

答案解析:
2014 CFA Level I
“Technical Analysis,” by Barry M. Sine and Robert A. Strong
Section 3.3.2.1

8、Which statement is NOT a recommendation procedure for compliance with theProfessional Conduct Standards relating to fair dealing? Member should:【单选题】

A.develop and document trade allocation procedures.

B.ensure all clients receive the same level of service.

C.publish guidelines for pre-dissemination behavior.

正确答案:B

答案解析:保证所有客户享受同样的服务水平是不对的，可以针对不同客户设置不同的服务等级。A和C都是推荐的做法。

9、Vishal Chandarana, an unemployed research analyst, recently registered for the CFA Level I exam.After two months of intense interviewing, he accepts a job with a stock brokerage company in adifferent region of the country. Chandarana posts on a blog how being a CFA candidate reallyhelped him get a job. He also notes how relieved he was when his new employer did not ask himabout being fired from his former employer. Which CFA Institute Standards of Professional Conductdid Chandarana least likely violate?【单选题】

A.Loyalty to Employers

B.Reference to CFA Institute, the CFA Designation, and the CFA Program

C.Misconduct

正确答案:B

答案解析:There is no evidence Chandarana violated Standard VII(B)-Reference to CFA Institute, the CFADesignation, and the CFA Program with regard to his being a CFA candidate. Specifically,Chandarana does not overstate his competency or imply he will achieve superior performance as aresult of his CFA designation. It does appear, however, Chandarana did not act with integrity when hehid information that could potentially harm his new employer s reputation, thus violating StandardI(D)-Misconduct and Standard IV(A)-Loyalty.
CFA Level I
"Guidance for Standards l-VII"
Standard VII(B)-Reference to CFA Institute, the CFA Designation, and the CFA Program, StandardI(D)-Professionalism, Standard IV(A)-Duty to Employers

10、According to the Professional Conduct Standards relating to referral fees, anycompensation, consideration, or benefit paid to members for the recommendationof products or services are required to be disclosed:【单选题】

A.only to current and potential clients, as appropriate.

B.only to their employer and current clients, as appropriate.

C.to both current and potential clients and their employer, as appropriate.

正确答案:C

答案解析:对于推荐(产品或服务）费用的披露，要向当前或者潜在客户，以及雇主披露，在专业行为标准中对此有明确的要求。